Mr Weston said investors are awaiting the next meeting of the US Federal Reserve later this week for commentary on the timing of the next interest rate hike.

On the local bourse, among the big four banks Westpac added 0.7 per cent to $31.67, National Australia Bank gained 1.1 per cent to $31.20, and Commonwealth Bank lifted 0.5 per cent to $76.69.

ANZ was up one per cent at $30.18.

ANZ on Monday responded to media reports that it had received two overseas offers to buy its wealth business – one of those offers above $4 billion – to say only that talks on the future of the business were ongoing.

The major miners were mixed following another fall in the price of iron ore, which has dropped $US2, to around $US70.